Correlation Analysis Between Bitstamp Ethereum and Yobit Global

This module allows you to analyze existing cross correlation between Bitstamp Ethereum USD and Yobit Global Currency Reserve USD. You can compare the effects of market volatilities on Bitstamp Ethereum and Yobit Global and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Bitstamp Ethereum with a short position of Yobit Global. See also your portfolio center. Please also check ongoing floating volatility patterns of Bitstamp Ethereum and Yobit Global.
Horizon     30 Days    Login   to change
Symbolsvs

Bitstamp Ethereum USD  vs.  Yobit Global Currency Reserve

Bitstamp

Ethereum on Bitstamp in USD

 211.68 
8.37  3.80%
Market Cap: 931.1 M
  

Yobit

Global Currency Reserve on Yobit in USD

 0.35 
0.05  16.73%
Market Cap: 69.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitstamp Ethereum USD is expected to under-perform the Yobit Global. But the crypto apears to be less risky and, when comparing its historical volatility, Bitstamp Ethereum USD is 2.22 times less risky than Yobit Global. The crypto trades about -0.11 of its potential returns per unit of risk. The Yobit Global Currency Reserve USD is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest  14.50  in Yobit Global Currency Reserve USD on August 26, 2018 and sell it today you would earn a total of  15.50  from holding Yobit Global Currency Reserve USD or generate 106.9% return on investment over 30 days.

Pair Corralation between Bitstamp Ethereum and Yobit Global

-0.22
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy95.45%
ValuesDaily Returns

Diversification

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitstamp Ethereum USD and Yobit Global Currency Reserve in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Global Currency and Bitstamp Ethereum is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Bitstamp Ethereum USD are associated (or correlated) with Yobit Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Global Currency has no effect on the direction of Bitstamp Ethereum i.e. Bitstamp Ethereum and Yobit Global go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Bitstamp Ethereum USD  
0 

Risk-Adjusted Performance

Over the last 30 days Bitstamp Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit Global Currency  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Global Currency Reserve USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.

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